Economic Development

Choose the Correct Answer

Correct Answer : Option c

Explanation
To become a developed nation by 2047:
Statement 1 is correct: To become a developed nation by 2047, India would require sustained economic growth of around 8% every year for at least a decade. Sustained investments, improvement in consumer confidence, and pick-up in corporate wages will be important for supporting growth.

Statement 2 is correct: The Economic Survey emphasizes the need for grassroots-level structural reforms and deregulation to strengthen India’s medium-term growth potential and improve its global competitiveness. These reforms aim to make the Indian economy more efficient, dynamic, and attractive to global investors. However, the survey also highlights the challenges posed by geopolitical tensions, ongoing conflicts, and global trade policy risks, which can disrupt the global economic outlook. These external factors could potentially create uncertainty and affect India's growth prospects. Despite these challenges, India’s focus remains on internal reforms to drive sustainable growth.

Statement 3 is correct: The Economic Survey emphasizes the importance of inclusive growth, which includes raising wages across various sectors, including the corporate sector. Increasing corporate wages enhances workers' purchasing power, stimulates domestic demand, and improves living standards, contributing to sustainable economic growth. This approach aligns with the goal of ensuring that the benefits of growth are shared widely across society, thereby supporting long-term economic development.